Singapore firm links up with foundation in property deals
Singapore firm links up with foundation in property deals
JAKARTA (JP): Straits Steamship Land Limited (SSL), one of
Singapore's largest property companies, yesterday signed a joint
venture agreement to establish a condominium, apartment and
shopping complex in Pulo Mas, East Jakarta.
SSL holds 25 percent of the project's shares, Gemala Group and
Ongko Group 24.5 percent each and Pulo Mas Jaya Foundation, which
is owned by the Jakarta administration, the remaining 26 percent,
SSL's Deputy Chairman Lim Chee Onn, told reporters after signing
the agreement here.
Lim said that the project will be divided into two phases. The
first phase will develop two blocks of eight-story condominiums,
two blocks of four-story apartments, a Club House and a shopping
center.
The second phase will include two blocks of eight-story
apartments and two blocks of four-story apartments, he said.
The first phase is expected to be completed in mid-1996, and
the second will be finished by mid-1997, he said.
Chairman of Gemala Group, Sofjan Wanandi, said 40 percent of
the US$85 million project will be financed by the consortium and
the other 60 percent by overseas loans.
The president of PT Pulomas Gemala Misori, a company assigned
to manage the Pasadena Garden, W. Biantoro Wanandi, said the
loans will be obtained through a syndication of two Singapore
banks.
Lim said the Pasadena Garden is not SSL's first project in
Indonesia. SSL has participated in the construction and ownership
of the Melia Purosani Hotel in Yogyakarta, which is expected to
begin operation this year
SSL is now also participating in the development of the
Indonesian-Singaporean integrated golf course, hotel and resort
villa projects on Bintan Island, Riau, which was inaugurated on
Tuesday by Indonesian Coordinating Minister for Trade and
Industry Hartanto and Singapore Deputy Prime Minister Lee Hsien
Loong.
He said SSL will also cooperate with Gemala Group to develop a
resort in Tanah Lot, Bali, next year.
SSL has invested US$400 million for its projects in Indonesia,
excluding the Bali project, which will cost US$ 280 million. SSL
and Gemala hold a 50 percent stake each in the Bali project. (02)